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Tender soon for RM2b of Iskandar work

Posted on 1 Oct 2009 | Comments Off

THE main developer of Iskandar Malaysia, one of the largest integrated developments in the country, expects to tender out RM2 billion (S$815 billion) worth of development work over the next 12 months, president and chief executive officer of Iskandar Investment Arlida Ariff said yesterday.

Speaking to the media on the sidelines of the Ninth Forbes Global Chief Executive Conference yesterday, Ms Arlida said that the tenders would comprise RM1 billion worth of infrastructure projects under the Ninth Malaysia Plan and another RM1 billion worth of other infrastructure and construction projects. ‘These infrastructure and construction projects will likely take 6-24 months to be completed,’ she told reporters.

The statements illustrate the federal government’s continued commitment to a project dreamed up by former premier Abdullah Ahmad Badawi and intended to kick-start the economy of southern Peninsular Malaysia.

In terms of scale, it is certainly one of the country’s mega-projects with a total investment of RM398 billion, with RM46 billion coming in the first five years and the remainder over the next 15. Continue reading →

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Posted in Overseas Property

Tagged Iskandar Malaysia, Malaysia Property

US home prices decline less than forecast

Posted on 1 Oct 2009 | Comments Off

Low borrowing costs and government tax credits help lift home sales this year

Home values in 20 US metropolitan areas declined less than forecast in the year ended in July, a sign the housing slump that led to the worst recession in seven decades is abating.

The S&P/Case-Shiller home-price index fell 13.3 per cent in July from a year earlier, the smallest drop in 17 months, the group said here on Tuesday.

Adjusted for seasonal variations, the gauge rose 1.2 per cent from the prior month. Foreclosure-driven price declines, low borrowing costs and government tax credits for first-time buyers have lifted home sales for much of this year, helping to slow the decline in prices. Stability in real-estate values and rising stock prices may help set the stage for a recovery in consumer spending that accounts for two thirds of the economy.

‘The firming of prices of the last few months should allow the beleaguered US consumer to take some heart that they are seeing some benefit from the end of the recession,’ David Semmens, an economist at Standard Chartered Bank in New York, said before the report. ‘We remain cautious in calling an end to the housing crisis as record levels of foreclosures still are coming onto the market.’ The index was forecast to fall 14.2 per cent, according to the median projection of 36 economists surveyed by Bloomberg News. Estimates ranged from declines of 12.5 per cent to 15 per cent. The measure fell 15.4 per cent in the 12 months ended in June. Continue reading →